Selling Property in Estate Administration
Can An Administrator Of An Estate Sell Property?
As the administrator of an estate, you have a legal responsibility to manage the assets of the estate and distribute them according to the terms of the will or state laws of intestacy. This includes making decisions about how to handle debts, taxes, and other financial obligations.
One question that often arises is whether the administrator has the authority to sell property that is part of the estate. The answer depends on the specific circumstances of the estate and the provisions of the will.
If the will specifically grants the administrator the power to sell property, then the administrator has the authority to do so. This is known as a "power of sale." The administrator will need to follow any specific instructions or procedures outlined in the will, as well as any applicable state laws.
If the will does not grant the administrator the power to sell property, the administrator may still be able to do so if it is necessary to pay debts or expenses of the estate. However, the administrator will need to obtain court approval before selling the property.
It's important for the administrator to carefully consider the implications of selling property and to seek the advice of a qualified attorney if necessary. The administrator has a fiduciary duty to act in the best interests of the beneficiaries and to avoid any conflicts of interest. If the administrator is also a beneficiary, it may be necessary to waive their right to inherit the property in order to avoid any potential conflicts of interest or perceptions of impropriety.
If you are the administrator of an estate and you have questions about your authority to sell property, don't hesitate to call the experienced attorneys at Doucet Co., LPA. We can help you navigate the legal and ethical considerations of estate administration and protect your rights. Call us today at (888) 200-9824 for a consultation.